KULR pivots to bitcoin mining, posts $16.2M revenue but 4.8% margin amid $6.2M German loss

Filed March 31, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 31, 2025 · ~2 min read

Key Changes

• high

  Gross margin collapsed from 51% to 4.8% due to $0.7M inventory write-off, $0.7M depreciation on idled equipment, and negative mining margins during ramp-up. High-margin IP licensing revenue ($2.7M in 2024) disappeared entirely in 2025.

  MD&A: Gross Profit verify on EDGAR →
• high

  German customer insolvency triggered $6.2M total loss: $3.3M preferred equity, $2.1M convertible loan, and $0.8M receivables fully impaired. Company also recorded $3.1M in other impairments including $0.9M on mining lease assets driven by bitcoin price decline.

  MD&A: Investments and Credit Losses verify on EDGAR →
• high

  Bitcoin holdings expanded to 1,001 BTC (cost $100.7M) but unrealized losses hit $13.8M as market price fell from $93,384 to $87,502. Company paused ATM equity issuances through June 2026 after raising $123M in 2025; cash declined from $29.8M to $13.3M.

  MD&A: Liquidity and Bitcoin Holdings verify on EDGAR →